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Nov 26, 2012 6:00am PST
looming automatic spending cuts and tax hikes that could kick in at the start of the new year. the administration is out with a brand new report this morning showing how letting taxes go up for everyone just to protect the richest americans would cut consumer spending and slow growth by about a point and a half. according to the president's council of economic advisers, we would spend about $200 billion less next year because we would be paying more in taxes. consumer spending is about 70% of our gdp. up until now hundreds of republicans have been tied to the grover norquist-created pledge not to raise taxes. but current economic reality is setting in and conservatives are starting to stray with conditions. here is south carolina senator lindsey graham. >> ly violate the pledge, long story short for the good of the country only if democrats will do entitlement reform. >> that's a whole nother conversation. on the issue of taxes warren buffett has written an op-ed in "the new york times" today renewing his stire to see taxes go up on people like him and him himself. in the op-ed he
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